No extension for first-home buyers grant

After enticing thousands of Aussies into the housing market, the first-home buyers grant extension is coming to an end.

Kevin Rudd is standing firm on his decision to bring the extension of the first-home buyers grant to an end on June 30th.

The prime minister has faced repeated calls for the grant – which encouraged a record number of first-home buyers to take out a home loan in January – to be extended.

Explaining the decision, housing minister Tanya Plibersek said that first-home buyers wouldn’t be enticed if it wasn’t a limited offer.

"If people are to bring forward their decision to purchase, which is the stimulus effect that we want to have, then the first-home owner’s boost has to have an end date," she said.

Official figures for the first month of the year showed that 26.5 per cent of all home loans approved were handed to first-home buyers, the highest proportion since records began in 1991.ADNFCR-1761-ID-19071621-ADNFCR